Step 2:Allocation to assets that have increased in value36,6000Steve's basis in the assets$81,600$17,000$98,600What is each partner's ending basis in partnership interest? (Enter a "0" for any zero amounts.) What amount and character of gain or loss is recognized by JodiJodi, SteveSteve, and the JSJS Partnership? 7: Data TableAssetsPartnership's BasisFMVCash$32,000$32,000Inventory35,00037,400Receivables9,4007,000Building45,00095,000Land17,0008,000
7.Describe two ways in which the transfer tax (estate and gift tax) system is a unified system. 8.In general, what is the due date for the gift tax return? What are two exceptions? A.The due date for a gift tax return generally is March 15th of the year after the donor makes the gift. The two exceptions include (1) if an extension until September 15 is accepted, or (2) if the tax due is less than $1,000 then the return can be deferred until the following year.B.The due date for a gift tax return is dependent upon the donor's taxable year for income tax purposes. Two exceptions include (1) if the donor dies during the year, or (2) if an extension to nine months after the donor's taxable year end is granted.C.The due date for a gift tax return generally is April 15th of the year following the year in which the donor made the gifts. Two exceptions include (1) if the donor dies during the year, or (2) if an extension until October 15 is granted for the filing of the gift tax return.Your answer is correct.D.None of the above.
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